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View Full Version : Do I have to file a 1099 for debt canceled if I get ssd?


MCB618
Jan 29, 2011, 01:16 PM
I am using debt counseling and the debt was canceled. Do i have to file if i get ssd? I got a 1099 do i have to file it?

MukatA
Jan 29, 2011, 07:53 PM
For debt cancelled you will receive 1099-C. Non-business debt cancelled is reported as income on your tax return. Business debt cancellation is reported on schedule C (Form 1040). Debt cancellation, Your U.S. Tax Return: The U.S. Income Tax Topics 1 (http://taxipay.blogspot.com/2008/08/us-income-tax-topics-1.html)

AtlantaTaxExpert
Feb 5, 2011, 11:30 PM
The short answer is YES, you must report the canceled debt as income.